SOURCE: minuteKey

October 01, 2014 13:23 ET

minuteKEY Closes on Growth Financing to Fund Further Expansion and Innovation

BOULDER, CO--(Marketwired - Oct 1, 2014) - minuteKEY Inc., the world's first self-service kiosk for accurately duplicating keys, today announced that it secured growth financing in the amount of up to $30 million from Main Street Capital Corporation (NYSE: MAIN). The funds will be used to accelerate kiosk expansion at high-traffic retail locations in the United States and Canada, and fuel continued innovation. Together with the capital previously raised, this latest financing brings the aggregate amount raised to over $81 million. 

"This new capital infusion gives minuteKEY the ability to continue to aggressively pursue our business plan, and we're pleased that Main Street shares our enthusiasm and confidence in this business," said minuteKEY CEO Randy Fagundo. "It's rewarding to see the acceptance of our service grow among retailers and consumers. Today we have thousands of kiosks on the ground and recently cut our 20 millionth key; we look forward to substantially growing those numbers in the future." 

It's estimated that 600 million keys are cut annually in the United States. minuteKEY® is revolutionizing the key duplication industry by changing the way consumers duplicate keys -- transforming an inconvenient and labor-intensive process into a simple turn-key solution. Consumers simply walk up to a minuteKEY® kiosk, and using a touchscreen, insert the key for duplication, then select the style and number of keys they need. Upon making their payment, new keys are accurately cut in approximately 60 seconds.

"This transaction is another example of our strategy to partner with companies with a competitive advantage and high growth potential," said Colton Braud of Main Street. "We are particularly excited by the minuteKEY opportunity as they fill a key duplication niche that helps drive revenue for retailers and provides a superior solution for consumers." 

Earlier investors in minuteKEY include Matrix Partners and Serent Capital.

About minuteKEY

Founded in 2008 and based in Boulder, Colo., minuteKEY makes the world's first self-service, key duplication kiosk. As innovators in an age-old industry, minuteKEY founders invested several years developing the technology to create a highly accurate, reliable and easy-to-use key-cutting device. Today's kiosk, found in thousands of high-traffic retail locations in the United States and Canada, combines innovations in robotics, electronics and software engineering. minuteKEY is ranked 11th on Inc. magazine's list of the 5,000 fastest-growing private companies in the U.S. for 2014. 

See the minuteKEY website for more information and kiosk locations. 

About Main Street Capital Corporation

Main Street (www.mainstcapital.com) is a principal investment firm that provides long-term debt and equity capital to lower middle market companies and debt capital to middle market companies. Main Street's portfolio investments are typically made to support management buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. Main Street seeks to partner with entrepreneurs, business owners and management teams and generally provides "one stop" financing alternatives within its lower middle market portfolio. Main Street's lower middle market companies generally have annual revenues between $10 million and $150 million. Main Street's middle market debt investments are made in businesses that are generally larger in size than its lower middle market portfolio companies.

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